It’s a two-horse race and it has been for some time.
The Pennsylvania Gaming Control Board (PGCB) recently released the fantasy contest revenue numbers from March. As expected, DraftKings and FanDuel’s revenue accounted for more than 95 percent of the bottom line.
Of note is a considerable surge in FanDuel’s revenue report.
Breaking down the March PA DFS numbers
DraftKings’ reported revenue for March was $864,702.58. FanDuel was second at $736,340.40.
What’s interesting about these numbers is that FanDuel closed the gap considerably.
In February, the company was approximately $284,000 behind DraftKings. However, in March, the gap was around $128,000. FanDuel cut its competitors lead by more than half. Perhaps brand awareness tied to the launch of FanDuel Sportsbook at Valley Forge Casino helped boost the numbers?
Among the group considered “the rest”, there was significant movement month-on-month. For example, Boom Fantasy produced the lowest revenue in February at $2,151.45. The site, however, vaulted into third place in March because four other sites relied on fantasy football and experienced steep declines.
DRAFT‘s fantasy contests eclipsed $20,000 for the third month in a row this year. Their March revenue put them ahead of Yahoo Fantasy Sports.
2019 fantasy contest revenue peaked in January
Overall, the state’s fantasy contest sites/apps experienced a decline in monthly revenue compared to January. That month, the NFL playoffs were in full swing. Along with a full slate of NBA and NHL games, sites enjoyed solid revenue, notching more than $2.1 million.
By contrast, sites saw around a 23 percent decline in revenue from January to March. Much of that decline is due to certain sites’ reliance on fantasy football.
For example, Fantasy Football Players Championship did not report any income in March. However, in February, the company reported $47,744.12, which was around $23,000 more than DRAFT and around $38,000 more than Yahoo Fantasy Sports. This is likely because the company’s product is constructed around season-long fantasy leagues.
Another factor in the income decline was Fantasy Draft. The platform reported revenue of more than $4,000 in January and more than $5,800 in February. In March, though, the company operated at a loss of more than $700.
Looking back to the PA fantasy contest launch
Fantasy contests launched in Pennsylvania in May 2018. At that time, 10 companies submitted revenue reports. FanDuel earned the most revenue that month, edging out DraftKings.
The only company on that original revenue report not present in any of the 2019 reports was Fastpick.
Revenue-wise, the 10 operators listed on the revenue report combined for $1.33 million. Now, nearly one year later, the revenue report is $1.63 million.
PA fantasy contests stalling?
The lack of growth isn’t troubling, per se, but does make one wonder why more DFS-style fantasy sites aren’t operating in Pennsylvania. Market saturation could be a factor, as could be the sheer dominance DraftKings and FanDuel exert on the market.
Furthermore, fantasy contests aren’t exactly a lucrative year-round proposition for some operators. For example, in January, two companies reported less than $5,000 in revenue.
In February, another two companies reported less than $5,o00 and in March, five companies did. One, Fantasy Draft, even reported losses of $727 last month.